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Michigan may pass law making it a criminal offense to commit fraud on DLTs - Printable Version

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Michigan may pass law making it a criminal offense to commit fraud on DLTs - admin - 06-19-2018

The law will make fraudulent activity using cryptocurrencies or distributed ledger technologies (like Hyperledger Fabric) a criminal offense. Here is the part of the bill that specifies what constitutes a DLT:
Quote: (F) "DISTRIBUTED LEDGER TECHNOLOGY" MEANS ANY DISTRIBUTED
LEDGER PROTOCOL AND SUPPORTING INFRASTRUCTURE, INCLUDING
BLOCKCHAIN, THAT USES A DISTRIBUTED, DECENTRALIZED, SHARED, AND
REPLICATED LEDGER, WHETHER USE OF THE LEDGER IS PUBLIC
It also clarifies that private blockchain technologies are included:
Quote:OR PRIVATE,
PERMISSIONED OR PERMISSIONLESS, AND THAT MAY INCLUDE THE USE OF
ELECTRONIC CURRENCIES OR ELECTRONIC TOKENS AS A MEDIUM OF
ELECTRONIC EXCHANGE.


Link to full text of the bill: http://www.legislature.mi.gov/documents/2017-2018/billintroduced/House/htm/2018-HIB-6258.htm